Swadeshi Jagran Manch Urges Indian Government to Promote Trade in Indian Rupees

Swadeshi Jagran Manch Urges Indian Government to Promote Trade in Indian Rupees

The Swadeshi Jagran Manch, a group associated with the Rashtriya Swayamsevak Sangh (RSS), has urged the Indian government to encourage international trade using Indian rupees instead of US dollars. This step aims to reduce pressure on the rupee and strengthen India's economy.

To boost India's economy and reduce reliance on the US dollar, the Swadeshi Jagran Manch has suggested conducting international trade transactions in Indian rupees. They praised the government's recent move to pay for crude oil imports from Russia using rupees, which has lessened pressure on the rupee's value.

Indian banks have opened special accounts called 'Special Vostro Accounts' with 19 countries to facilitate trade in rupees. These accounts allow countries to use their rupee reserves to import goods from India, promoting economic cooperation. This approach strengthens trade ties and reduces the need for constantly buying dollars, which has been challenging for the Indian rupee.

The Swadeshi Jagran Manch believes that encouraging more countries to trade in rupees will not only stabilize India's economy but also enhance its sovereignty. By reducing reliance on the dollar, India can better handle global economic uncertainties and avoid the impact of sanctions imposed by other nations.

Additionally, the Indian government has modified the foreign trade policy to enable settlements of international trade transactions in rupees. This change shows a commitment to promoting the use of the Indian currency in global commerce, making it easier and more convenient for international partners.

Conclusion:

The Swadeshi Jagran Manch's appeal to promote trade in Indian rupees offers a potential solution to strengthen India's economy and decrease dependence on the US dollar. By encouraging more countries to trade using rupees, India aims to enhance its economic independence and foster better trade relationships globally.